Allowed

Idbi Bank v. Prashant Bharat

DRT24 Jan 2024OA/164/2023

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by IDBI Bank Limited for recovery of an outstanding home loan dues against borrowers and mortgagors. The court directed joint and several payment of the principal and interest.

What did the court decide?

Allowed OA; Directed defendants to pay Rs. 20,69,854.21 plus interest within 60 days jointly and severally; Recovery certificate issued to Recovery Officer.

Idbi Bank versus Prashant Bharat — Execution and Attachment | DRT (2024)

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OA 164 of 2023

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Registered on : 25.05.2023 Decided on : 30.05.2024

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 164 of 2023

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IDBI BANK LIMITED, A company incorporated and registered under Indian, Companies Act, 1956 (1/1956) and a company within the meaning of section 2 (20) of the Companies Act, 2013 (Act 18 of 2013) And also, a banking Company under Section 5[C] Of banking Regulation Act of 1949, [10/1949], Having its head office at IDBI Tower WTC Complex, Cuffe Parade, Mumbai 400 005, and having one of Its branch amongst other places at Retail Assets Centre, IDBI Building, Ground Floor, Plot No. 39/40/41, Sector 11, CBD, Belapur, Navi Mumbai -400 614 & at Retail Recovery Department, Mittal Court, C Wing, 2^nd Floor, Nariman Point- 400 021.

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…. APPLICANT

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VERSUS

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1. MR. PRASHANT BHARAT PATIL (Applicant/ Borrower) Urvashi Building, Room No. 4, Dalinagar, Vishvi, Alibaug, Maharashtra 402 209

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And

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Swami Darshan Co-Op Housing Society Ltd. Room No. 104, Sec-13, Plot No. 28, Khanda Colony, New Panvel- 410 206 And

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Swami Darshan Building, Room No. 2, Plot No. 28, Khanada Colony, Sec-13, New Panvel Pin- 401 206

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2. SHRILEKHA PEDHAVI (CoApplicant/Co-Borrower) Urvashi Building,

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OA 164 of 2023

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Room No. 4, Dalinagar, Vishvi, Alibaug, Maharashtra – 402 209 And Swami Darshan Co-Op Housing Society Ltd. Room No. 104, Sec-13, Plot No. 28, Khanda Colony, New Panvel- 410 206 And Swami Darshan Building, Room No. 2, Plot No. 28, Khanada Colony, Sec-13, New Panvel Pin- 401 206

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… DEFENDANTS

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Counsel for the Applicant : Adv. Ridhi Jhaveri i/b Singhania & Co. Counsel for the Defendants : Ex-parte

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J U D G M E N T

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The Original Application has been filed by the Applicant against the Defendants for recovery of sum Rs. 20,69,854.21/- (Rupees Twenty Lakh Sixty Nine Thousand Eight Hundred Fifty Four and Pasie Twenty One Only) with further interest @ 7.95 % p.a. from the date of filing of the present OA till its realisation.

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Facts as succinctly set out in the OA are that the Defendant No.1 is a Borrower, Defendant No.2 is a co-borrower.

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It is stated that upon the request made by the Defendant No. 1 & 2 for availing Home Loan and Home Loan Top up facility through their application dated 13.01.2015 and 05.10.2017, accordingly the Applicant Bank had granted the said Home Loan for a sum of Rs. 15 Lakh. The said loan is to be repaid within 240 months and an EMI of Rs. 14,080/- and Rs. 5,226/- vide their sanction letter dated 08.06.2016 and 16.10.2017 respectively.

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OA 164 of 2023

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In consideration of sanction the aforesaid facilities, the Defendants executed the various loaning and security documents on 26.07.2016 which includes Home Loan Agreement; Power of Attorney; Letter of Indemnity; Declaration; Memorandum of Entry; Memorandum of deposit of title deed.

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In order to secure the aforesaid facilities, the Defendants created equitable mortgage by way of collateral security in respect of the immovable property viz. Swami Darshan Co-op Housing Society Ltd. Room No. 104, Sec-13, Plot No. 28, Khanda Colony, New Panvel- 410 206 standing in the name of Defendant No. 1 & 2. s

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However, the Defendants failed to adhere the financial discipline and neglected to make the payment of the outstanding dues, thus, the account of Defendant No. 1 & 2 was declared as NPA with effect from 09.07.2021. Thereafter, the Applicant through their Advocate’s notice dated 17.03.2023 called upon the Defendants to pay the outstanding dues, but they failed to pay the dues. Hence, the present OA has been filed.

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Notices were issued to the Defendants. Despite service, none appeared on behalf of the Defendant No.1 & 2 nor any WS has been filed, thus, they were proceeded ex-parte vide order dated 14.03.2024.

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The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed through Authorised Representative Deepa D. Naik.

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I have heard the Ld. Counsel for the Applicant Bank and perused the record.

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OA 164 of 2023

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The witness of the Applicant Bank has fully corroborated the averments made in the OA, even otherwise the whole case of the Applicant Bank is based on documents and the witness has duly proved all these documents as against the Defendants. In my view there is no question of disbelieving the evidence led by the Applicant Bank and the Applicant Bank has proved its case beyond reasonable doubt. The liability of Defendant No. 1 & 2 is joint and several.

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In the light of above discussions, the Original Application filed by the Applicant Bank deserves to be allowed against the Defendant No. 1 & 2.

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O R D E R

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(i) I allow the present O.A. and direct the Defendant No. 1 & 2 to pay to the Applicant, jointly and severally, within a period of 60 days, a sum of Rs. 20,69,854.21/- (Rupees Twenty Lakh Sixty Nine Thousand Eight Hundred Fifty Four and Pasie Twenty One Only) with further interest @ 7.95 % p.a. from the date of filing of the present OA till its realisation.

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(ii) Failing which the aforesaid amount shall be recovered from the sale of the mortgaged property, personal moveable and immoveable assets of the Defendants.

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(iii) Defendants are hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.

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(iv) Defendants shall also pay the cost and expenses of the OA.

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(v) Recovery Certificate be issued forthwith and be sent to the Recovery Officer of this Tribunal.

OA 164 of 2023

Tjs/-

Copy of this order be sent to the parties as per rules.

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File be consigned to record.

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Place: Mumbai. (Dr. Rekha G. Dhakar) Date : 30.05.2024 Presiding Officer,

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DRT-1, Mumbai.

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Idbi Bank v. Prashant Bharat

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Prashant Bharat

Case brief

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What did the court decide?

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